M-Pesa customers can now send money and make payments for Lipa Na M-Pesa BuyGoods, PayBill, and other transactions up to Sh250,000.
The Central Bank of Kenya has approved this change, which also introduces a new transaction band of Sh151,000 to Sh250,000.
Safaricom CEO Peter Ndegwa expressed his support for this decision, stating that it will provide customers and businesses with greater convenience and empower them to conduct more transactions from their mobile phones.
The company has confirmed that the existing transaction fees will still apply to these new limits. In mid-August, Safaricom had already increased the daily transaction limit to Sh500,000, allowing customers to transact up to this amount per day.
This was the second time the transaction limit had been raised, with the first increase approved in March 2020, raising the limit from Sh150,000 to Sh300,000.
Ndegwa believes that these higher limits will benefit customers, particularly small businesses, as the use of cashless transactions continues to grow.